Abstract

Many organisations and their supply chains are networks of relationships, but greater connectivity, additional connections and more intimate relationships can involve costs and risks as well as confer benefits, while inappropriate relationships can be harmful. Aspects of company law and regulation and contemporary corporate leadership and governance codes, priorities and practices favour some stakeholders over others and can hinder rather than help the building of relationships with a wider range of stakeholders. Directors and boards need to consider what changes are needed in priorities, practices and initiatives to accommodate disruptive technologies, new business models and the sharing economy; better understand the perspectives, aspirations and requirements of stakeholders; and involve, engage and motivate them in order to achieve more balanced, relevant, cost-effective and mutually beneficial relationships with them. Consideration is also required of whether such changes and a more socially responsible approach to business might help to establish and/or re-build trust and encourage closer collaboration and more co-creation of value.